Skanska quits Russia after a century
AFP · 19 Feb 2007, 10:25
Published: 19 Feb 2007 10:25 GMT+01:00
"We have lost tens of millions of kronor in Russia. It is better for us to bet on Poland and the Czech Republic where we have been successful," said a spokesman for the company.
Skanska has been active in the Russian market since 1902, but has reduced its operations over the last three years despite booming demand amid fierce competition from Russian and Turkish construction companies.
Skanska's chief executive said in conjunction with the company's Q4 results recently that with global demand for its services soaring it intends to be selective about which orders it accepts so as to maintain margins.